The Impact of Student Loan Debt on Millennials

Student loan debt is a huge challenge for recent grads, causing an entire generation to put major life events (and happiness) on hold. A survey of 1000 millennials uncovered the numbers behind the problem – and a potential solution. This infographic explores the impact of student loan debt on millennials.

It is estimated that there is more than $1.3 trillion worth of student debt outstanding in the US. Just imagine, that is enough money to buy 9 million Tesla Model Xs! As far as the results of the survey are concerned, the average survey respondent’s outstanding student loan debt worth $43,000.

What does this mean for millennials? Delaying wedding plans, home ownership, home improvement, etc are reported due to the outstanding student loan debt. The infographic describes the benefit of refinancing your student debt loan. Additionally, refinancing provides a number of other benefits shown in the infographic below.